First-time buyers face mortgage & affordability issues
11 September 2008
First-time buyers face a tough time, says the Council of Mortgage Lenders (CML). Finding an affordable house isn’t the only problem, as finding a mortgage deal – especially a mortgage deal with a good rate – depends on laying down a deposit.
Falling house prices may be working in first-time buyers’ favour, but in today’s mortgage market, mortgage providers are requiring deposits, and giving the best mortgage deals to people with substantial money to put down.
According to the Council of Mortgage Lenders, the average first-time buyer had a £19,000 deposit in July. This was, on average, 15% of the house price, up from 13% the previous month.
Even so, the encouraging news is that mortgages are still available, despite the credit crunch.
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